Changing mortgage deals while in an IVA

Get expert opinion. This is the place for new questions to be posted.
13 posts Page 1 of 1

Si1991

Posts: 18
Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Thu Apr 12, 2018 2:59 pm
My fixed rate deal is up on my mortage but my IP is saying i need to show them my options before i re-fix, I'm worried about not getting a fix rate or it going on SVR and struggling to pay it..

Foggy

User avatar
Posts: 33395
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Apr 12, 2018 3:08 pm
You will be very limited in your options as to what your lender will offer and I doubt your IP will have the luxury of any say in the matter! If your mortgage increases your IP will have to look at re-adjusting your IVA payment to accommodate it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Si1991

Posts: 18
Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Thu Apr 12, 2018 3:34 pm
Hi Foggy,

Vanguard told me they would need to see the fixed rate deals and them to decide what i fix or go for, I'm paying £100 a month what would be the minimum i can pay if my mortgage goes up 60-70 extra month?

Foggy

User avatar
Posts: 33395
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Apr 12, 2018 3:38 pm
Your IP, if you have the usual clauses can drop that by up to 15%, so, to £85 per month without having to consult creditors, but that is right on the limits for a viable payment. I imagine your IP is taking this much interest because you are close to the minumum workable amount already. The matter is more likely to be decided by your lender however.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Si1991

Posts: 18
Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Thu Apr 12, 2018 3:41 pm
Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?

Foggy

User avatar
Posts: 33395
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Apr 12, 2018 3:48 pm
Si1991 wrote:
Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?
They will have been informed of the IVA. What they do with that information depends on their current in house policies, but quite a few forum members have been able to get a better fixed deal with their lenders while still in the IVA, so don't give up hope.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

phlip

Posts: 31
Joined: Sun Feb 19, 2017 12:04 pm

Post by phlip » Thu Apr 12, 2018 4:36 pm
Si1991 wrote:
Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?
Hi I am with Leeds BS and in an IVA and have just changed to a new deal online. All went through this week no questions asked or any hassle at all , just clicked the best deal offered and they emailed me the forms to fill in then emailed back and was all completed within 2 weeks .
Good luck

Foggy

User avatar
Posts: 33395
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Apr 12, 2018 4:42 pm
phlip wrote:
Si1991 wrote:
Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?
Hi I am with Leeds BS and in an IVA and have just changed to a new deal online. All went through this week no questions asked or any hassle at all , just clicked the best deal offered and they emailed me the forms to fill in then emailed back and was all completed within 2 weeks .
Good luck

Thank you for that Phlip -- it's great to have personal experiences shared - especially the positive ones :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

phlip

Posts: 31
Joined: Sun Feb 19, 2017 12:04 pm

Post by phlip » Thu Apr 12, 2018 4:59 pm
no problem , we where surprised how easy and quick it went through plus we`ve saved nearly £200 a month !

Si1991

Posts: 18
Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Thu Apr 12, 2018 5:03 pm
phlip wrote:
no problem , we where surprised how easy and quick it went through plus we`ve saved nearly £200 a month !
Thats nice to know Philip, may i ask what rate they gave you? I know mine will go up as im on 3.69% now

phlip

Posts: 31
Joined: Sun Feb 19, 2017 12:04 pm

Post by phlip » Thu Apr 12, 2018 5:09 pm
Si1991 wrote:
phlip wrote:
no problem , we where surprised how easy and quick it went through plus we`ve saved nearly £200 a month !
Thats nice to know Philip, may i ask what rate they gave you? I know mine will go up as im on 3.69% now
We got a fixed rate for 5 years at 2.74%. not the greatest on the market but obviously we cant really pick and choose.

luluj

User avatar
Forum Expert
Posts: 11333
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Thu Apr 12, 2018 8:21 pm
Thats good 5 yr deal ... fingers crossed OP is offered as good a one
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Si1991

Posts: 18
Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Thu Apr 12, 2018 9:01 pm
Has anyone had experiance needing an IP’s approval to re-fix a rate?
13 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”